China’s Central Bank Developing Own Digital Currency in Response to Libra

China’s central bank is reportedly developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system, the South China Morning Post reported on July 8.

Wang Xin, director of the People’s Bank of China (PBoC) research bureau, argued that “if [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?” Source: Contelegraph

Parabolic Bitcoin Headed for $30,000, Predicts Morgan Creek CEO

The bitcoin price is once again trading above the $12,000 level, and the current market cycle could take the price to a new all-time high. Morgan Creek Capital Management CEO Mark Yusko was featured on CNBC, where he emphasized that bitcoin is the best-performing asset since October 2018 by a long shot.

“I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction.”

He points out that the bitcoin price has soared 70 percent since October 2018, while the stock market over the same period is about flat with those levels. Yusko, who previously ran an endowment fund, didn’t stop there, suggesting that bitcoin’s “path to $100,000 by 2021 is really quite easy to draw out.” Source: CCN

Singapore Wants to Drop VAT for Transacting in Cryptocurrencies

Singapore plans to exempt cryptocurrencies that are intended to function as a medium of exchange from Goods and Services Tax (GST) — the local equivalent of Value-Added Tax (VAT).

The news was revealed in a draft e-tax guide published by the Inland Revenue Authority of Singapore (IRAS) on July 5.

The proposed exemption, if accepted, is set to take effect on January 1, 2020, and will overhaul the current system wherein the supply of digital payment tokens is treated as a taxable supply of services. Source: Cointelegraph